We are restoring a 73 for racing Tarmac Rally in Australia. The 2 we have targeted so far have been Targa Wrest Point and Targa Tasmania. They are a 2 day tarmac rally and a 6 day tarmac rally respectively. We successfully completed the 2 events in 2010, and won our class in Targa Tasmania. BUT ...
We had the car with a 30 year old motor going into Targa Wrest Point, and we were horribly underpowered in a very good looking car. No matter, we learned a whole lot and we made great contacts. We didn't crash or break down, so we were extremely happy.
We did much more work on the car (dubbed Junior) and raced in Targa Tasmania. Unfortunately we bought a crate motor (351ci Cleveland stroked to 383) which had some poor quality parts in it. Although we balanced, ground, polished and checked everything, the lifters broke apart and destroyed the cam, bearings, etc. Basically everything. We rebuilt and repaired, then snapped the bottom of the distributor so the oil pump stopped. I won't bore you with the details - you can imagine.
The hard part was that the engine had to be rebuilt overnight because it happened the day before the 6 day race started!
After completing that race with massive problems, we have been rebuilding, repairing and improving yet again.
We have used carbon fiber in a lot of things, and saved over 100kg so far. We reckong we will save near 200kg when we replace those heavy seat backs and boot flap with carbon fiber. The trump is replacing the rubber bumper with a fiberglass one.
So many of you will not like the car because it has not been restored to original - it has carbon fiber shift console, swith mounting box, handbrake (now hand operated) cover, dash pad, bash plate, door sills, etc. We have braided line every where, 1/2" fuel line, electric fuel pump, etc. But it is still a beautiful car and an absolute head turner wherever we go. Even the other competitors in VERY fancy cars spend a lot of time with us looking at what we have done. It is very funny when Holden fans come to take photos in the driver seat - when we ask what they are dong they say "We hate Fords, but we love Mustangs. That's allowed in the rules!".
And the car performs really well. It actually turns corners! It is stable, controlled and much lighter than people think - especially now. We still have a live axel, leaf springs, etc.
We have made many videos of the restoration so far, and they are posted on www.targamustang.com if anyone wants to look. We have just uploaded vid of the new gauges, which look amazing. The new exhaust is there, and some of the carbon fiber work (which we have done all ourselves). If anyone wants any info on what we have done, feel free to ask.
I hope everyone is enjoying thier Mustangs as much as we are enjoying ours!

I have watched all of your videos and I love modified mustangs. I asked about your gauges the other day on youtube. The car being right hand drive is really interesting. Welcome to the site and you should be able to teach a few people about what it takes to get these cars handling good.